UBG urges chambers to highlight issues of economic challenges

KARACHI: Patron-in-chief of the United Business Group (UBG) and former caretaker Provincial Minister for Industry and Commerce (Punjab), SM Tanveer, has urged the leaders of all chambers, associations, the chamber of small business, and women chambers across the country to continue highlighting critical issues such as electricity, gas, interest rates, and other challenges, given the current economic situation.

SM Tanveer informed the leaders of all Chambers and Associations that the economic conditions of the country are well-known, and considering the current economic landscape, it is crucial to consistently raise issues such as electricity prices, gas supply, and high markup rates.

He pointed out that the general public, especially the business community, is grappling with severe difficulties, having faced 60% inflation over the last 2.5 years. In this context, he emphasized the need to address the tax deficit of Rs.180 billion over the past four months without placing an additional burden on the public. Instead, he called for support for effective tax reforms that address policy weaknesses and target the "excessive profits" of specific sectors. This, he said, would help ensure a fair distribution of the tax burden and support sustainable economic growth.

SM Tanveer further stated that efforts should be made to reduce electricity prices, and proposed a reduction of Rs.12 per unit in electricity rates for all consumers, whether residential, commercial, industrial, or agricultural. He suggested that this reduction should be based on overall consumption, rather than just additional usage. This could be achieved by finalizing the capacity payment agreements on a "take-and-pay" basis by December 31, 2024.

He emphasized that the active role and leadership of Chambers of Commerce, Trade Associations, and Women Chambers are crucial in moving towards an economy that benefits all sectors equally.

Copyright Business Recorder, 2024